Savings

Stock

Risky Assets

Private Borrowing

Credit constraints

−0.1901^***

−0.6850^***

−0.2048^***

0.3217^***

(−3.17)

(−4.08)

(−2.74)

(4.62)

Real estate

0.000

0.000

0.000^***

−0.000

(0.74)

(0.62)

(3.78)

(−1.63)

Household income

0.000^***

0.000

0.000^***

−0.000^***

(3.39)

(1.36)

(5.17)

(−5.47)

Risk-preference

−0.056

0.423^***

0.235^***

0.142^**

(−1.03)

(3.66)

(4.04)

(2.15)

Risk-aversion

−0.131^***

−0.110

−0.178^***

−0.128^***

(−3.23)

(−1.19)

(−3.86)

(−2.56)

Family size

0.031

0.165^***

0.050^**

0.048^**

(1.61)

(3.13)

(2.05)

(2.10)

Male

0.082^**

−0.077

0.033

0.020

(2.40)

(−0.99)

(0.83)

(0.46)

Age

−0.003^**

−0.007^*

−0.013^***

−0.010^***

(−2.00)

(−1.89)

(−6.55)

(−5.00)

Primary education

0.349^***

0.095

0.313^***

0.001

(5.06)

(0.46)

(3.19)

(0.01)

Secondary education

0.501^***

0.310

0.439^***

0.052

(5.29)

(1.18)

(3.52)

(0.46)

Higher education

0.629^***

0.393

0.593^***

−0.089

(5.58)

(1.30)

(4.16)

(−0.64)

Urban

0.138^***

0.114

0.110^**

−0.034

(3.28)

(1.10)

(2.16)

(−0.67)

N

8438

8438

8438

8438

F-statistic in first stage regression

38.988

38.988

38.988

38.988

P-statistics in Hausman test

126.91

(0.000)

672.40

(0.000)

489.47

(0.000)

733.15

(0.000)